AbCellera Biologics (NASDAQ:ABCL) Reaches New 12-Month Low – Time to Sell?

AbCellera Biologics Inc. (NASDAQ:ABCL) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $2.11 and last traded at $2.12, with a volume of 2602457 shares traded. The stock had previously closed at $2.23.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ABCL shares. Benchmark restated a “hold” rating on shares of AbCellera Biologics in a research note on Monday, March 3rd. Stifel Nicolaus cut their price target on AbCellera Biologics from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Friday, February 28th. Finally, KeyCorp lowered their price objective on AbCellera Biologics from $5.00 to $4.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th.

AbCellera Biologics Stock Performance

The firm has a market capitalization of $622.79 million, a PE ratio of -3.43 and a beta of 0.45. The business’s fifty day simple moving average is $2.79 and its 200-day simple moving average is $2.81.

Institutional Investors Weigh In On AbCellera Biologics

Large investors have recently added to or reduced their stakes in the stock. Walleye Capital LLC purchased a new position in shares of AbCellera Biologics during the 3rd quarter worth about $668,000. Erste Asset Management GmbH bought a new position in shares of AbCellera Biologics during the third quarter valued at approximately $162,000. Quadrature Capital Ltd grew its stake in shares of AbCellera Biologics by 328.0% during the third quarter. Quadrature Capital Ltd now owns 59,617 shares of the company’s stock valued at $154,000 after buying an additional 45,688 shares during the last quarter. State Street Corp raised its holdings in shares of AbCellera Biologics by 1.5% in the third quarter. State Street Corp now owns 323,229 shares of the company’s stock worth $840,000 after buying an additional 4,679 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in AbCellera Biologics by 58.1% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 34,000 shares of the company’s stock valued at $88,000 after acquiring an additional 12,500 shares during the period. 61.42% of the stock is owned by institutional investors.

AbCellera Biologics Company Profile

AbCellera Biologics Inc builds an engine for antibody drug discovery and development. Its engine discovers antibodies from natural immune responses, which are pre-enriched for antibodies. The company’s preclinical products are ABCL635 for metabolic and endocrine conditions; and ABCL575 for atopic dermatitis.